ClearPar Takes Aim At Settlement Efficiency

ClearPar, the Web-based settlement system used in the primary and secondary loan markets, is upgrading its technology in a bid to boost liquidity and efficiency.

  • 15 Oct 2004
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ClearPar, the Web-based settlement system used in the primary and secondary loan markets, is upgrading its technology in a bid to boost liquidity and efficiency. Ellen Hefferan, ceo of ClearPar said, "The second release of this e-settlement platform will certainly result in increased liquidity by virtue of the fact that it supports an increased volume of loan trading. We believe it will also increase productivity by at least 30%."

In terms of settlement time, the market has moved from T+10 to T+7. "Although the market is having a difficult time achieving T+7, we feel that the ClearPar system is more than capable of supporting settlement times as aggressive as T+3," she added.

The development was done in conjunction with its users--the broker dealers and the buyside--and will go live in December. "The new release of the ClearPar system employs a Microsoft.NET Web-based user interface for both the internal and external users of the system." Hefferan noted. "Simply said, ClearPar's clients will now be using the same screens and functionality as our internal ClearPar closers," she added. The new system, known as ClearPar 2.0, is different to the older version as ClearPar closers use a Microsoft access-based interface to manage trades, while the clients access data through a more limited Web interface.

In a market that has a reputation for settlement delays the new version also improves workflow through what is known as a Work Bin system. The system prompts users at the appropriate time that an action on their part is required. Hefferan explained that once a trade has been entered and properly routed, the system will automatically prompt the appropriate signatories that the trade confirm is awaiting their review and approval. "You don't have to go looking for your work, it has been organized for you," she said. Another benefit to the new release is that it can support future enhancements such as expansion into the European and distressed markets.

  • 15 Oct 2004

GlobalCapital European securitization league table

Rank Lead Manager/Arranger Total Volume $m No. of Deals Share % by Volume
1 BNP Paribas 14,443 29 18.07
2 Bank of America Merrill Lynch (BAML) 8,264 27 10.34
3 Lloyds Bank 7,329 24 9.17
4 Citi 6,748 19 8.44
5 JP Morgan 5,220 8 6.53

Bookrunners of Global Structured Finance

Rank Lead Manager Amount $m No of issues Share %
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1 Citi 117,398.62 338 11.04%
2 Bank of America Merrill Lynch 94,721.79 272 8.91%
3 JPMorgan 92,612.23 269 8.71%
4 Wells Fargo Securities 82,597.19 239 7.77%
5 Credit Suisse 69,442.99 183 6.53%